7IM buys Edinburgh-based DFM

The combined business will have total assets of £13.6bn, with offices in Edinburgh, London and Jersey.

The co-chief executives of Tcam, Alex Montgomery and Haig Bathgate, will become partners and investors in 7IM.

Several of Tcam’s senior team members will also become partners in 7IM.

Tom Sheridan, chief executive of 7IM said: "The combination of 7IM and Tcam is a great fit, both commercially and culturally. The two businesses have complementary strengths which will produce an improved investment service for our customers.

"I am delighted that Haig and Alex are joining the 7IM management team who, along with the wider Tcam team, will add to our active management expertise whilst the Tcam Private Office will be appealing to both 7IM’s intermediary and direct clients. This also significantly deepens our presence in Scotland."

Tcam was created in 2015 as a spin out from the Edinburgh law firm Turcan Connell in 2015. It has assets under management of £1.1bn and employs 64 staff. It provides investment services to high net worth individuals.

7IM was established in 2002 by Mr Sheridan and Justin Urquhart Stewart and since 2015 its majority shareholder has been Caledonia Investments.

The Tcam business will operate under the 7IM brand by the end of 2018.

Mr Bathgate said: "Our two firms share a common mindset and the respect between us is considerable.

"We believe we shall strengthen the investment proposition to both sets of clients by taking the best of both approaches, and we believe our clients will strongly benefit from 7IM’s greater research and risk management resource, not to mention the 7IM technology."